Palmyra Real Estate Market Update YTD August 2008

Here’s the Palmyra Real Estate market update for August 2008. Pended units for August were down 1 and Sold units were down 2 compared to August 2007; listed units were down 5 versus 2007. This has led to a current inventory of 91 units. Palmyra has been averaging 7 units sold per month which means there is currently 13 months worth of inventory in Palmyra. This trails the overall Burlington County market, which has 12 months worth of inventory. Year to date listed units are down 36 (a 24.2% decrease), pended units are down 31 (a 54.4% decrease) and sold units are down 35 (a 66% decrease). See how this compares to the Burlington County Market.

Over the last 3 years the average number of units pended and sold in August was approximately 12 & 12 respectively. This August there were 5 units pended and 9 sold. The average Days on Market for the year is 76.

What does all this mean? If you are thinking of buying or selling right now it’s important that you seek the advice of a full time professional realtor who can best advise you as to how to take advantage of this market.

The chart below provides you with the 8/2007-8/2008 numbers for listed, pended and sold units.

Below is a chart that shows the average list price and average sold price for Palmyra from 8/2007-8/2008. The average sold price is down 14.8% from August 2007 ($206,518) to August 2008 ($175,988).

If you are thinking of selling or buying in the near future, please don't hesitate to contact me directly at 856-222-5829. Or you may always visit me on line for tons of useful tips and ideas at no cost or obligation to you. I look forward to helping you reach your Real Estate goals.

*Market statistics as of 9/15/2008.